CANADA STOCKS-TSX futures rise as precious metals rally offsets US tariff threat

Futures linked to Canada's main stock index rose on Monday as precious metals extended their record run, outweighing uncertainty sparked by U.S. President Donald Trump's threat of 100% tariffs on Canada.

March futures on Toronto's S&P/TSX Composite Index SXFcv1 were up 0.37% as of 6:04 a.m. ET.

Toronto's benchmark stock index .GSPTSE closed at a record high on Friday, gaining for the third straight week as gold extended its run even as investors paused after the threat of U.S. tariffs on eight European countries receded.

On Monday, spot gold XAU= was up 2.2% after briefly moving past $5,100 per ounce, while silver XAG= jumped 6% to hit a record high. GOL/

Gold prices have rallied this year after last year's stellar 64.4% jump, as geopolitical tensions, U.S.–NATO friction over Greenland and uncertainty about the Federal Reserve's autonomy have further increased safe-haven demand.

Moreover, trade uncertainty gripped Canada after Trump on Saturday threatened a 100% tariff on the country if it follows through on a trade deal with China.

In response, Prime Minister Mark Carney said on Sunday that Canada respects its commitments under the United States-Mexico-Canada (USMCA) trade agreement to not pursue free trade agreements with non-market economies.

U.S.-Canada tensions have grown in recent days following Carney's criticism of Trump's pursuit of Greenland.

Meanwhile, oil prices LCOc1, CLc1 gained on Monday as output disruptions in major U.S. crude-producing regions and U.S.-Iran tensions boosted prices.

On the macroeconomic front, interest rate decisions from the U.S. Federal Reserve and Bank of Canada are due later this week. Major economists polled by Reuters expect the Canadian economy to grow steadily, reinforcing expectations that the central bank will keep policy rates unchanged through 2026.

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